NTV Asset Management LLC Acquires Shares of 1,656 Spotify Technology $SPOT

Key Points

• NTV Asset Management LLC has acquired 1,656 shares of Spotify Technology, valued at approximately $1.27 million, during Q2 2023.
• Several institutional investors, including Goldman Sachs and Jennison Associates, have significantly increased their stakes in Spotify, indicating strong investor confidence.
• Despite recent analyst upgrades, Spotify’s stock is currently down 3.7%, trading at $681.46, with a consensus rating of "Moderate Buy" and an average target price of $731.16.

NTV Asset Management LLC acquired a new stake in shares of Spotify Technology (NYSE:SPOT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,656 shares of the company's stock, valued at approximately $1,271,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPOT. Goldman Sachs Group Inc. raised its position in Spotify Technology by 1,151.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock valued at $957,494,000 after purchasing an additional 1,601,653 shares during the period. Jennison Associates LLC raised its position in Spotify Technology by 42.3% during the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after purchasing an additional 1,262,614 shares during the period. Nuveen LLC purchased a new stake in Spotify Technology during the first quarter valued at approximately $383,139,000. Axiom Investors LLC DE raised its position in Spotify Technology by 216.8% during the first quarter. Axiom Investors LLC DE now owns 719,682 shares of the company's stock valued at $395,847,000 after purchasing an additional 492,504 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Spotify Technology by 39.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,178,907 shares of the company's stock valued at $648,434,000 after buying an additional 336,162 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SPOT. Deutsche Bank Aktiengesellschaft upped their target price on Spotify Technology from $700.00 to $775.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. BNP Paribas raised Spotify Technology to a "strong-buy" rating in a research note on Tuesday, September 16th. JPMorgan Chase & Co. upped their target price on Spotify Technology from $740.00 to $805.00 and gave the company an "overweight" rating in a research note on Monday, September 29th. Phillip Securities raised Spotify Technology from a "moderate sell" rating to a "hold" rating in a research note on Monday, August 4th. Finally, Rosenblatt Securities reaffirmed a "neutral" rating and set a $679.00 target price on shares of Spotify Technology in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and twelve have assigned a Hold rating to the company's stock. According to MarketBeat, Spotify Technology currently has a consensus rating of "Moderate Buy" and an average target price of $731.16.

Spotify Technology Stock Down 3.7%

Shares of NYSE:SPOT opened at $681.46 on Friday. Spotify Technology has a 52-week low of $362.31 and a 52-week high of $785.00. The stock has a market cap of $139.50 billion, a P/E ratio of 165.40, a price-to-earnings-growth ratio of 3.35 and a beta of 1.67. The business's 50 day moving average is $695.85 and its 200 day moving average is $664.29.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%.The firm had revenue of $4.94 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same period last year, the company earned $1.33 EPS. The firm's revenue for the quarter was up 10.1% compared to the same quarter last year. Spotify Technology has set its Q3 2025 guidance at EPS. On average, sell-side analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Spotify Technology Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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